Opening Your Own Bank Account
Patricia Hudak
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These days, you can easily open a checking or savings account by walking into any bak with proof of address, age, and personal identification. You can also sign up over the phone through online banking sites. But you want to make sure you're signing up for a bank that's right for you. Here are a few standard questions to consider when you open an account:
- What is the monthly fee for the account, if any?
- Is the account FDIC-insured? (Make sure they answer "yes" to this; it means you'll get your money back if the bank goes bankrupt.)
- What is the fee for using an ATM machine that belongs to another bank?
- Is there a minimum balance that I must keep? And what sorts of fees apply if I go over that limit?
- What is the interest rate of my savings account? Are there charges if I go below the minimum balance?
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